LIBOR Problems? We Have LIBOR Answers
On September 3rd, we hit 850 days before the (earliest) potential end of LIBOR. So, what’s in your workflow for the next 850 days? To…
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CLOs & LIBOR: Hardwired Fallbacks Appear
According to LCD, and illustrated in the COW, there have been at least 145 U.S. CLOs issued thus far in 2019. That represents 145 opportunities…
SOFR: Fallback Roadblocks Falling?
As the nearby story reports, we are quite excited to see a new CLO with “hardwired” LIBOR fallback language. (Hardwired fallback language is what is…
Desperately Seeking SOFR (Charts)
In a recent LIBOR Roundtable co-hosted with Cadwalader, we discussed six steps to leaving your LIBOR. Step 3 is “Know Your Potential Replacement Rates”. The…
Leaving LIBOR: Two Steps Forward
The past week has been big. After 10 months of work, the Alternative Reference Rate Committee (“ARRC”) released its recommended LIBOR fallback language for syndicated…
Understanding SOFR – LSTA FAQs
On April 22nd, the Alternative Reference Rates Committee (ARRC) released “A User’s Guide to SOFR”, which discusses the likely end of LIBOR, what it means…
SONIA, SOFR & Conventional Wisdom
SOFR and SONIA may be the anointed replacements for LIBOR…but how do you actually make a SOFR loan work? As an ARRC member and Co-chair…
Solving SOFR
With LIBOR ending after 2021, the transition to a replacement rate (likely SOFR) is moving to the front of minds (and, now, to front office…
SOFR at SFIG: A Subject Whose Time Has Come?
In the last few years at ABS Vegas, the buzziest topic has been CLOs – their regulatory encounters, their return profile, the value in their…
SOFR: Got Vol? Maybe Less Than You Think
As most readers know, LIBOR is likely to go away after the end of 2021, and SOFR – the secured overnight financing rate – is…
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